CBA Sends Out an Interest Rate Shout Out

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With the Reserve Bank of Australia’s cash rate increasing by 0.25% per annum, CommBank Australia (CBA) is offering a home loan interest rate hike and increasing the yields on certain savings products – effective from 17th March 2023.

CBA is sending out an interest rate shout out to their current and prospective customers, who may be looking for a new home loan or keen on boosting their savings. CBA is offering mortgage packages with competitive rates, as well as higher yields on select savings accounts.

For NetBank Saver customers, there’s an extra 0.25% p.a bonus available to the 5-month introductory variable interest rate – taking it up to 4.25% p.a. Young savers, too, can benefit from the 0.25% increase in the standard variable interest rate to 1.85%, with a special bonus interest rate of now 4.25%.

Those using CBA’s GoalSaver product may have noticed a 0.90% p.a boost in 2023, with the latest increase of 0.15% now offering a total of 4.15% – a great incentive to save for your goals!

CBA Group Executive, Retail Banking Angus Sullivan said: “We are proud to provide a range of options to help our customers achieve their savings goals, including an increase in the 12-month Term Deposit special rate to 4.35% p.a.”

“With the increasing cost of living and ever-fluctuating interest rates, it’s understandable that many Australian households are focused on how to best manage their budgets. This means rethinking expenses and savings goals to make sure you’re making the most out of your money for a better financial outcome,” he continued.

With interest rates changing and expenses increasing, budgeting strategies should be a priority for Australian households. CBA encourages customers to explore the Cost of Living Support Hub, which provides resources and insights to help them with budgeting.

To make the most out of your finances, CBA encourages customers to explore all their options and take advantage of the various offers available. CBA is committed to helping Australians achieve their financial goals and empowering them to manage their money with confidence.


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